Answers

It depends on your organization. In some cases they can be one in the same if you board happens to also be your investors. Most boards and executive management teams generally review a lot more information on the business that is made available to investors.

Echoing Mike, it depends. For example, you may dig into areas that you generally don't disclose because they are not GAAP, such as revenue waterfall reports that show pipeline, cash received, deferred revenue, future contracted billings and the like. These give significant visibility into the organizational runway, and explain the "real" revenue outlook and reconcile it to GAAP, but since they aren't GAAP they typically don't get past the board room.

Generally, the board has a fiduciary obligation to govern in a way that investors don't, so they need to know things that may be confusing (revenue), trade secret (product roadmap), or simply detailed (insurances) in order to meet their obligations as the board. Investors don't need this level of information, and some of it (like trade secrets) shouldn't leave the offices in the first place.

board report contains detailed level information and includes reports which are shared with investors. Board is responsible for oversight and governance of state of affairs of the company compared to investors interested in results of companies actions.
typicall report that may contain and not available with investors would be
1. detailed cash utilisation plan for a better return
2. risks that is faced by the company and steps to adress
3. boars committee's recommendation
4. ensuring company`s actions are in line with the strategies and vision
5. assessing management capabilities to drive the company forward
etc

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